Fleetwood (FWD) H2 2025 earnings summary

Executive summary

• Underlying EBIT before interest and taxes rose to $37.7 million, up $29.5 million year-over-year, driven by strong performance in Building Solutions and high Searipple Village occupancy, with disciplined working capital management boosting free cash flow by $29.7 million.

• Net profit after tax reached $14.6 million, a 284% increase year-over-year, with revenue up 20.3% to $505.2 million.

• Declared a fully franked dividend of $0.25 per share, a 400% increase, reflecting 100% payout of net profit after tax (excluding non-cash impairment).

Financial highlights

• Revenue grew 20.3% year-over-year to $505.2 million, supported by 84% occupancy at Searipple Village.

• Underlying EBITDA was $56.0 million, up $31.3 million from FY24.

• Free cash flow improved by $29.7 million to $27.0 million; year-end cash position was $51 million.

• Net CapEx was $6.4 million, mainly invested in Community Solutions and Searipple Village upgrades.

Outlook and guidance

• Searipple Village has 82% contracted occupancy for FY 2026, with further upside possible as regional project activity intensifies.

• Building Solutions targets up to 10% revenue growth in FY 2026, supported by a $115 million order bank and strong tender pipeline.

• RV Solutions aims to return to profitability in FY 2026, focusing on aftermarket growth, product rationalisation, and cost optimization.

• Dividend policy for FY 2026 reconfirmed at 100% payout of net profit after tax.